Bennett Jones, working with its client and a specialized broker, has launched the first association captive licensed in Alberta, which is also the first captive in Alberta established through a limited partnership.
The province's new Captive Insurance Companies Act came into force in July 2022, opening the door to the creation of purpose-built captive insurers through either corporations or partnership structures—an advantage that is unique to Alberta. This new "first" builds on Bennett Jones' extensive experience of involvement assisting clients with offshore captives and the team is excited to be helping its clients to form Alberta-based captives under this new legislation.
Bennett Jones has always been the firm of "firsts" in Alberta—and this is the latest example of how our lawyers continue to break new ground to help clients capitalize on innovative business opportunities.
Kristos Iatridis, Christine Viney and Darcy Moch advised on this matter.